Supporting and Growing Women-Owned Businesses

In this research, the Canada-United States Council for Advancement of Women Entrepreneurs and Business Leaders has outlined specific initiatives to support women entrepreneurs.

Expanding the use of private sector supplier-diversity programs and increase outreach to women-owned businesses. “Best practices” capturing the full benefit of supplier diversity include:

• Having a dedicated team focused on meeting specific supplier diversity targets.
• Maintaining a central database of procurement needs and registered suppliers.
• Prioritizing outreach efforts such as attending conferences and summits and working closely with networks, accelerators, and incubators in your sector.
• Implementing a supplier diversity policy and a reporting mechanism.
• Partnering with catalyzing organizations like WEConnect International, Women Business Enterprises Canada, National Women Business Owners Corporation (NWBOC) or Women’s Business Enterprise National Council (WBENC)to connect with women-owned businesses.

Challenge accelerators and professional networks to attract and develop women-owned businesses. “Best practices” that stand out in attracting and developing women entrepreneurs:

• Tracking and transparency: MaRS Discovery District reached a 30 percent participation of female founders under the guidance of a female CEO.
• Women-focused programming: Ernst & Young’s Entrepreneurial Winning Women program helped participants reach an average annual growth of 20 percent in revenue.
• Co-ed networking: Entrepreneurs’ Organization provides all participants (male and female) with access to a network of entrepreneurs.
• De-bias investment decisions: The Business Development unit in Bank of Canada conducted an independent accessibility review of all steps in a female entrepreneur’s journey.
• Role modelling and public commitment: YPO Canada joined the #GoSponsorHer Challenge to encourage members to reach out to women entrepreneurs.